By FXEmpire.com
The USD/JPY continues its slow march south as the trading world tentatively tests the patience of the Bank of Japan. The central bank intervened just two weeks ago, and at levels just above where we presently sit. Because of this, it is almost a given that they will get involved again, and as such we don’t sell this pair. We know the chart looks poor, but the truth is that you do not want to be on the other side of a central bank intervention. It can go against you 300 pips in a blink of the eye.
We are waiting for a buy signal as it goes with the CB’s wishes. The biggest problem – we haven’t seen one, and don’t expect to anytime soon.
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